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Gifted property which comes under IHT

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  • #1

    Gifted property which comes under IHT


    Hi,

    If I was to be gifted a main residence from my father (purchased for £55k in 1985) and now valued at £425k. If my father did not survive for 7 years, the property would come under IHT.

    Would the value of the property then be rebased at current market prices for inheritance tax purposes? i.e possibly higher than £425k if prices had increased?

    Would it make a difference if his main residence (which had been gifted to me) was rented after being gifted to me because he moved into my home?

    Many Thanks.
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